Structured settlements are permitted in Alabama just like in every other state. The more difficult issues involving structured settlements arise when someone in Alabama wants to sell structured settlement or buy a structured settlement in Alabama. For this, you should definitely get the assistance of an attorney in Alabama.
Buying or Selling a Structured Settlement in Alabama
If you want to sell or buy a structured settlement in Alabama, there are a number of factors you should consider and things you should know. Alabama has a number of laws affecting the transfer of a structured settlement, assignment of a structured settlement, sale of a structured settlement, or purchase of a structured settlement.
These laws may apply to people in Alabama, parties to litigation in Alabama, or cases otherwise involving Alabama. Whether these laws apply to you requires a legal analysis by a licensed Alabama attorney who understands structured settlement.
Structured Settlement Attorneys in Alabama
Keep in mind, not all Alabama lawyers understand structured settlements. In fact, this area of the law is so unique that some Alabama attorneys may not even know what structured settlements are.
Alabama attorneys probably learned that structured settlements existed when they attended law school, but most Alabama attorneys do not practice in an area of law that involves structured settlements.
Sale of Structured Settlements
Most states permit the sale or assignment of structured settlements or structured settlement annuities. Often the transfer of structured settlements or structured settlement annuities are subject to a court's approval.
To gain the court's approval, the parties involved in the sale or purchase of a structured settlement or structured settlement annuity must show that the proposed transfer of structured settlement payments is in the consumer's "best interests."
This "best interests" standard includes a consideration of the welfare of the structured settlement recipient’s dependents, if there are any.
Structured Settlement Attorneys and Brokers
If you want to buy or sell a structured settlement, I recommend you hire an attorney in Alabama who has experience with the sale or purchase of structured settlements in Alabama.
You also have the option to hire a structured settlement broker.
While there are a number of competent structured settlement brokers, be sure the broker you represent only represents you. That is, your structured settlement broker should not represent the other party in the transaction.
Whether you hire a broker or attorney in Alabama, either way, it's a good idea to ask them on the phone, before meeting with them, whether they have experience with structured settlements in Alabama.
Next, ask them to tell you about the types of structured settlements they have worked on. If you are satisfied that the person is knowledgeable about the sale or purchase of structured settlements in Alabama, schedule a meeting to discuss your options.
Best wishes in your efforts to buy or sell a structured settlement. I hope the process goes smoothly for you, and you obtain the full value of your bargain.
